1. What is Public Bank Car Loan EMI?

The Public Bank Car Loan EMI (Equated Monthly Installment) is the fixed payment amount a borrower makes each month to repay their car loan. Public Bank Malaysia typically offers car loan interest rates between 3-4% per annum for qualified borrowers.

2. How Does the Calculator Work?

The calculator uses the standard EMI formula:

Where:

• \( P \) — Principal loan amount (MYR)
• \( r \) — Monthly interest rate (annual rate divided by 12)
• \( n \) — Loan tenure in months
• \( PMT \) — Monthly EMI payment (MYR)

Explanation: The formula calculates the fixed monthly payment that will completely pay off the loan (principal + interest) over the specified term.

3. Importance of EMI Calculation

Details: Calculating your EMI helps in financial planning, ensuring the monthly payment fits your budget before committing to a car purchase. It also helps compare different loan offers.

4. Using the Calculator

Tips: Enter the loan amount in MYR, annual interest rate (typically 3-4% for Public Bank), and loan tenure in years (1-9 years). The calculator will show your monthly EMI, total repayment amount, and total interest paid.

5. Frequently Asked Questions (FAQ)

Q1: What is the maximum loan tenure for Public Bank car loans?
A: Public Bank typically offers car loans for up to 9 years (108 months) depending on the vehicle type and age.

Q2: What are the current interest rates?
A: As of 2024, Public Bank car loan rates range from 3.0% to 4.0% p.a. for new cars, depending on credit profile and loan tenure.

Q3: Are there any processing fees?
A: Public Bank may charge a processing fee (typically around 1% of loan amount) and other administrative fees.

Q4: Can I prepay my car loan?
A: Yes, but early settlement may incur a penalty fee (usually 2-3% of the outstanding amount).

Q5: What factors affect my loan approval?
A: Public Bank considers your income, credit score, debt-to-income ratio, vehicle value, and loan-to-value ratio.